Global Food Price Inflation Likely to Fall Sharply in 2023: Fitch Ratings
World grain prices have fallen sharply in recent weeks, raising the prospect of a sharp drop in annual CPI food inflation next year, says Fitch Ratings in its latest Economics Dashboard.
Grain prices surged at the start of the Ukraine war on supply concerns but there is renewed optimism that other countries will step up production. This week’s shipment by Ukraine could add some 20 million tonnes of grains to global supply, a significant share of the 45 million tonnes of grain that Ukraine exported last year. Australia is forecast to produce another bumper wheat harvest this year.